Kiffmeister’s #Fintech Daily Digest (10/05/2021)

SEC Subpoenas USDC Stablecoin Backer Circle

Circle, a key supporter of the USDC stablecoin, received an “investigative subpoena” from the U.S. Securities and Exchange (SEC) Enforcement Division in July 2021. The subpoena arrived one month after Circle began onboarding corporate USDC holders into its first high-interest yield product, Circle Yield. The subpoena requests “documents and information regarding certain of our holdings, customer programs, and operations,” but Circle did not elaborate on what the SEC’s investigation was focused on. [Read more

Ellipse: regulatory reporting and data analytics platform

The Bank for International Settlements (BIS) Innovation Hub announced Project Ellipse, a proof of concept to explore how supervision could become insights-based and data-driven using an integrated regulatory data and analytics platform. If implemented, regulatory authorities, as the ultimate end users of the platform, would be able to digitally extract, query and analyze a large quantity of data from diverse sources. These data could then be relevant to current events in real time and visible via dashboards, informing them of early supervisory actions that may need to be taken. In Phase 1, partnering with the Monetary Authority of Singapore, the Bank of England and the International Swaps and Derivatives Association, the concept of cross-border digital regulatory reporting, using a machine executable data model, will be explored. [Read more

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Join me at the CBDC Conference

On October 6 I’ll chairing a session on lessons learnt from CBDC projects at the CBDC Conference. Adolfo Sarmiento (Banco Central del Uruguay), Marius Jurgilas (Lietuvos Bankas) and Johan Schmalholz (Sveriges Riksbank) will be joining me on the virtual stage. You can register for this and the full three-day (October 4-6) event here: